Oil Egypt accountACCOUNT King Tut

Petroleum Minister Paid $2.2 Billion to Foreign Partners

Source: www.gulfoilandgas.com 6/8/2017, Location: Egypt

Share |
Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources announced that the Petroleum sector paid $2.2 Billion of arrears to IOCs working in Egypt by instalments during the past three weeks, reducing them to reach $2.3 Billion, the lowest level since 2013, in which the arrears reached $6.3 Billion. This highlights the Ministry’s efforts towards reducing IOCs’ arrears in order to motivate them to pump more investments, intensify upstream activities and speed-up development of discoveries to increase production rates and secure the country’s demands of petroleum products and natural gas.

This reflects the Ministry’s commitment to paying the arrears during the coming period. It also confirms of the political leadership and Government’s keenness on fulfilling Egypt’s obligations towards its partners, which boosts execution of upstream activities and development of newly discovered oil and gas fields, in addition to assuring Egypt’s credibility towards its partners.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Egypt >>  1/11/2018 - The World Bank's Multilateral Investment Guarantee Agency (MIGA) announced that it will provide Egypt with $102.6 million in credit facilities to supp...
Egypt >>  1/11/2018 - ADES International Holding Ltd. (ADES), the London-listed company providing offshore and onshore oil and gas drilling and production services in the M...

Egypt >>  1/10/2018 - Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources received Mrs. Maria Moraeus Hanssen, CEO of the German company DEA and the accompanyi...
Egypt >>  1/10/2018 - TransGlobe Energy Corporation (TGL) (TGA) (“TransGlobe”) announces the 2018 capital budget and promotions. All dollar values are expressed in US dolla...

Egypt >>  1/8/2018 - The Minister of Petroleum and Mineral Resources, Tareq Al-Mulla, appoints Ali Fuad Badr as the Chairman of the Board of Directors of Amerya Petroleum ...
Egypt >>  12/28/2017 - Egypt is set to inaugurate a new wharf for natural gas and petroleum product tankers on the Gulf of Suez in the coming days, another step in its plan ...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us